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Ratan Tata invests in Ola Electric Series A

Tata guidance for electric mission

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Tata guidance for electric mission

 

Ola.

 

Ratan Tata, Chairman Emeritus of Tata Sons, has invested in Ola Electric Mobility Pvt Ltd’s Series A round of funding, said the electric car company on 6 May 2019.

Tata is also an early investor in ANI Technologies Pvt Ltd, Ola’s parent company.

“His investment in Ola Electric will bring his deep experience and mentorship to the company’s ambitions to make electric mobility viable at scale,” the company said in a statement. The investment amount was not disclosed.

Ola Electric is currently running several pilots involving charging solutions, battery swapping stations, and deploying vehicles across two, three and four-wheeler segments, the company said.

Ratan Tata said: “I believe Ola Electric will play a key role in its growth and development.”

“Tata has been an inspiration and a mentor to me personally in shaping Ola’s journey over the years. I’m very excited to welcome him on board Ola Electric as an investor and a mentor in our mission of building sustainable mobility for everyone on our planet,” said Bhavish Aggarwal, Ola Co-founder & CEO.

“He is a visionary who has inspired a generation of entrepreneurs and we are privileged to have his guidance and support once again, as we work towards our goal of a million electric vehicles in India by 2021,” said Aggarwal.

Ola Electric Mobility has raised Rs.400 crores led by several of Ola’s early investors, Tiger Global and Matrix India and others, as part of its first round of investment.

The company was initially established to enable Ola’s electric mobility pilot program in Nagpur.

In 2018, Ola subsequently announced ‘Mission: Electric’ to put one million Electric Vehicles on Indian roads by 2021. fiinews.com

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